CHARLOTTE, N.C. (AP)- A line of shareholders formed at the
microphone Tuesday at Wachovia Corp.'s annual meeting, and those
demanding the resignation of suddenly beleaguered chief executive
Ken Thompson drew applause from the raucous crowd.

The meeting came a little more than a week after the nation's
fourth-largest bank reported a first-quarter loss of $393 million
and announced a 41 percent cut to its dividend.

Thompson had previously promised the bank's dividend wasn't in
danger and had staunchly defended the bank's roughly $25 billion
purchase of Golden West Financial Corp., a deal whose failings
contributed to the quarter's loss.

"I'm not here to sugarcoat things, to make excuses or to tell you we're a victim of circumstance,'' Thompson told shareholders at the start of the meeting.

Like many of the nation's other leading banks, Wachovia has
been hammered by the collapse of the nation's housing market.
Shares of the bank's stock have fallen 54 percent in the past year.
Wachovia shares were down nine cents to $26.34 midday Tuesday.

Prior to Tuesday's meeting, Wachovia's board expressed its confidence in Thompson while acknowledging that the veteran banker
needed to focus on regaining credibility with shareholders.

Thompson reiterated the point Tuesday, telling the crowd, "There's nothing more important to me or this management than to
restore credibility.''

(Copyright 2008 by The Associated Press. All Rights Reserved.)